UBS: sees 'significant flaws' in Paris verdict
(CercleFinance.com) - UBS on Thursday confirmed that it has filed an appeal against the Paris court's 4.
5 billion euros fine and damages, saying that it sees "significant flaws" in the decision reached by French judges.
The Swiss investment bank said the verdict is not supported by any concrete evidence and that it has respected its obligations under Swiss and French law, as well as European directives.
In a statement, UBS added that the judgment is "extremely superficial, inconsistent and contradictory" and makes "legal errors."
The bank also thinks the calculation of the fine is "contradictory," while believing that the amount of civil damages is "completely unsupported."
After falling by 2.7% yesterday, the UBS share is down a further 1.7% in Zurich today.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
5 billion euros fine and damages, saying that it sees "significant flaws" in the decision reached by French judges.
The Swiss investment bank said the verdict is not supported by any concrete evidence and that it has respected its obligations under Swiss and French law, as well as European directives.
In a statement, UBS added that the judgment is "extremely superficial, inconsistent and contradictory" and makes "legal errors."
The bank also thinks the calculation of the fine is "contradictory," while believing that the amount of civil damages is "completely unsupported."
After falling by 2.7% yesterday, the UBS share is down a further 1.7% in Zurich today.
Copyright (c) 2019 CercleFinance.com. All rights reserved.